Bradford + Bingley issue 3 rate dropped again

Will check next week if this is still a competitive rate.

Strange to think you could get well over 6% just two months ago !!... Rates for savers are Sxxte !!, there is no other word for it ... thanks Clown !!!

Time for anyone with an internet saver 3 who has not already done so (and who are not switching elsewhere) to switch to the Bradford and Bingley e saver account (issue 6) with an interest rate of 4.6% (AER). This includes a 1% bonus for 12 months with minimum balance £1,000.

It should be possible to transfer by applying for a new esaver 6 account, go to

http://www.bradford-bingley.co.uk/savings/esavings-issue6.asp

You have to type in part of your existing account number and when it asks for linked account leave this blank and just press continue, the new account gets set up and then you can directly switch on-line, takes about 24 hours for new account to appear, log in as usual and both accounts will show when the new account is set up. I transferred mine back in October (?) when the internet saver 3 was withdrawn. I am assuming it is still possible to transfer.

By setting up the e saver 6 it gives you the option to transfer if the rate on the e saver 6 doesn’t drop correspondingly in the next few days.

DRS1 wrote: »

Yes it is still possible to transfer - I have just done it. Funny though that their instructions ask you to transfer the whole balance of your old account. Made me wonder if the new account's rate is going to drop faster than the old one (what a nasty suspicious mind I have).

Makes me laugh to look at the following quotes

25/7/08: Quote from email from Suzanne Main, esavings manager with B and B in relation to an earlier change to the internet saver 3 account

' So, do I have to do anything?' Not at all, leave us to do all the work, you just sit back, relax and let your money grow with Bradford & Bingley. Easy.


3/10/08: Quote from email from Antonio Horta-Osorio, Chief Executive, Abbey

“After the turmoil in the financial markets over the past months and especially in the last few weeks, you should have confidence that your Bradford & Bingley savings are with a bank you can trust”



Lucky I didn’t “sit back, relax” in relation to my internet saver 3 and not switch to the new account. Lucky I didn’t “trust” Bradford and Bingley and leave my money in the internet saver 3.

evenasus wrote: »

So if I leave the 'linked account' entry blank, does it mean it will automatically recognise my linked account set up to my Internet Saver 3 account? I won't have to tranfer funds from my linked account to my Internet Saver 3, then from there to the Internet Saver 6.

Indeed.

Once the account has been set up you literally log into internet banking in the usual way and then can switch directly from internet saver 3 to e savings 6 without having to move money via an intermediary account.

4.6% is not a bad rate at the moment.

Any new money from your existing external linked account can be transferred direct to the e saver 6 once it is set up and after a while the zero balance internet saver 3 disappears from the account screens.

Leaving the linked account blank when applying and pressing continue is what they tell you to do if you phone them to ask how to do the direct transfer and worked for me and others. Even though you don't select a linked account and press continue when applying, your linked account for internet saver 3 automatically becomes your linked account for e savings 6.

The capital and accrued interest all get transferred if you choose to transfer the whole balance from 3 to 6.

The only people for whom transferring is not necessarily good are those who have less than £1,000 invested or who think the internet saver 3 will still be competitive when the 1% bonus ends in 12 months (personally don't think this will be the case).